Listed landlord Grainger has acquired Manchester build-to-rent scheme The Astley from M&G Real Estate in a £31m deal.
The purchase was funded by the £27m sale of an older private rented sector 80-home scheme in London, via its “asset recycling programme”. Grainger said the move had allowed it to put capital into the higher yield Manchester development which is located close to other properties it owns.
Based between the Northern Quarter and Ancoats, The Astley is a fully-occupied, 135-home site. The property, which features a rooftop garden and is a mix of one, two and three-bedroom apartments, is near Grainger’s existing cluster of around 1,700 rental homes, which includes Clippers Quay at Salford Quays and The Filaments near Spinningfields.
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